Asaf Atzmon Thanks for this in depth write up.
Galia Benartzi

Dear Galia Benartzi , thanks much for the elaborated response.

You seem to “accuse” me of two claims which I must admit I don’t think I insinuated at all. To make sure — I went through my writing again and I can see (if I try real hard…) how some of my words might have created this impression — so I will use this response to clarify my points.

First, let me say that obviously everything I write is merely speculations based on my common sense and the partial data I have. I don’t know the Bancor team, but I trust you are honest people, and I know for a fact that Eyal Hertzog is a serious guy. I have no intention to practice any bad faith here — recall that I actually tried to buy some BNT.

Now to your points:

  1. Of course, I don’t think that 3 hours represent your investment. (give me more credit than that). This is not what I meant by “not bad for 3 hours”. Still one might question the amount of money raised. Even if I take into account the innovation of the concept, the 100 lines or so of a smart contract code and the app/service/technology around all that — i’m facing a big disconnect here, if I try to compare what kind of companies will raise so much money if it weren’t an ICO and what kind of VCs would put so much money. Where is the capital intensiveness in your case to justify it?
  2. Timing your announcement is a perfectly legit and often effective marketing tool. Not sure why you try to shake it off. I never said these partnerships were created on the day of the TGE Of course I didn’t. And timing them to create demand seem a reasonable thing to do. All I said is that if you were going on an IPO you wouldn’t have been allowed to do so. I was trying to point to the current ‘wild west’ nature of the ICOs rather than to say anything bad about Bancor.

Hope things are clearer now and in any case I wish you best of luck in your endeavor.

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